China announces currency swap deal with Turkey (Feb 2012)

“China’s central bank announced Tuesday that it had signed a 10 billion yuan (US$1.59 billion) currency swap deal with Turkey, in its latest effort to promote international use of the Chinese currency.”

“The PBOC has signed a series of similar swap agreements with various countries as part of an effort to promote international use of the Chinese currency.”

“China has in recent years signed agreements with New Zealand, South Korea, Malaysia, Belarus, Indonesia, Argentina, Iceland, Singapore and the southern Chinese territory of Hong Kong, which has its own currency.”

“Analysts say China is stepping up efforts to increase overseas use of the yuan partly toreduce the country’s exposure to the US dollar and allow its currency to take on a greater global role.”